On the Chicago Board of Trade (CBOT), soybean futures are trading in positive territory this Monday afternoon (05), with the earliest contracts showing gains of 2.75 to 10.50 points as of around 2:17 PM (Brasília time).
The August 2024 contract rose by 2.75 points, priced at $10.32 per bushel. Meanwhile, the September 2024 contract is quoted at $10.28 per bushel with a gain of 10.00 points. The November 2024 contract increased by 10.50 points, trading at $10.37 per bushel, while the January 2025 contract gained 10.00 points and is priced at $10.54 per bushel.
The market is anticipating the United States Department of Agriculture (USDA) to release the new weekly crop progress report and soybean planting figures. Labhoro predicts that soybean conditions will improve by 1 percentage point, while corn and wheat conditions are expected to remain stable or decrease by 2 percentage points.
Traders are also closely monitoring weather conditions in the United States. The GFS model, generated this morning, predicts no rain in the central U.S. until Saturday (10). Over the next 10 days, total volumes of up to 75 mm are expected in Minnesota, northern Wisconsin, central Michigan, and parts of the Dakotas, as reported by Labhoro.
According to Labhoro, Asian markets closed lower, with Japan's stock market plummeting more than 12% as investors avoid risks due to fears of a U.S.
recession. “Despite data showing that service activity in China accelerated in July, concerns about the Fed's ability to avoid an economic slowdown and the potential need for interest rate cuts have led investors to seek safer assets,” Labhoro reported.
Agrinvest noted that Monday is marked by negative pressure in the market, intensified by declining stock markets. "The highlights come from Asia and the United States, where investors are wary and risk-averse after last Friday's payroll report, which showed the fewest jobs created since December 2020, reinforcing signals of a slowdown in the world's largest economy," Agrinvest commented in its report.
In the financial market, the dollar surged against the Brazilian real in early trading on Monday, surpassing 5.80 reais, amid growing global concerns about a potential U.S. recession, prompting a flight from riskier assets.
“At 9:08 AM, the dollar rose 1.87% to 5.8176 reais. On Friday, the dollar closed at 5.7109 reais, down 0.44%,” reported Reuters.
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